Yahoo is pondering to bid as much as $50 million for Qwiki, the maker of an iPhone app under the same name that allows users to create mini videos that include their videos and photos, AllThingsD said Tuesday. Yahoo has been on the lookout for acquisitions and recently acquired Summly, Tumblr and has its eyes on Hulu.

Yahoo clearly has a focus on improving its mobile apps, especially as other big tech names such as Google and Facebook continue to snatch up mobile startups. Facebook acquired Instagram last year for $1 billion in cash and stock. AllThingsD said the discussions with Qwiki are in advanced stages, which means an announcement could potentially happen any day now.

Qwiki could offer several options for Yahoo. First, it could serve as a type of social network, but more important we see it as a way that could potentially enable Yahoo to create its own platform for users to send in first-hand news stories, especially since Qwiki's focus has been on allowing users to tell stories. It could also provide Yahoo another way to deliver mobile ads and generate new revenue streams.

Yahoo is also reportedly interested in acquiring inbox organizer Xobni (inbox spelled backwards) for between $30 and $40 million, according to AllThingsD.